The main purpose of the Small County PILT Parity Act is to adjust financial support for local governments in the United States, particularly those with small populations. The act aims to ensure that these smaller counties receive fair compensation for the loss of tax revenue from federal lands within their boundaries. Key provisions of the act include the introduction of new population tiers for determining the financial payments these local governments receive. Specifically, the population threshold for eligibility has been lowered from 5,000 to 500 residents.